At the beginning of this year, businesses were generally optimistic about the IT budgets they had set.
In January, based on findings from Forrester Analytics’ Business Technographics survey, 45% of all Australian businesses believed IT budgets would increase in the next fiscal quarter, while nearly one in two believed it would stay the same. Only 7% thought budgets were going to be slashed.
But that dramatically changed once the coronavirus pandemic hit Australia in March.
When those same decision-makers were surveyed again in May, 45% said their IT budgets were going to decrease during the next fiscal quarter, 34% thought it would remain the same, while only 20% thought their IT budgets would increase.
This sentiment is expected to linger for a while, according to Forrester analyst Sam Higgins. He noted that